Kin Mining Ltd (ASX:KIN) is higher after intersecting further shallow gold at Cardinia Hill and Helens prospects within the Cardinia Gold Project (CGP) near Leonora in Western Australia.
At Cardinia Hill results of up to 7 metres at 2.44 g/t from 117 metres and 5 metres at 1.21 g/t from 13 metres were returned from one reverse circulation (RC) hole while at Helens South the best aircore result was 4 metres at 4.29 g/t from 12 metres.
The latest RC and aircore results continue to define new mineralisation at these CGP prospects with assays still pending for more than 3,500 metres of drilling.
"Untapped exploration potential"
Managing director Andrew Munckton said the recently completed phase-2 RC and aircore drilling program had given the company insight into untapped exploration potential at the project, with results still outstanding for almost two-thirds of the drilling.
“The results so far have reinforced our belief that Cardinia is a significantly mineralised area, worthy of considerable additional drilling and exploration in the coming months," he said.
At Cardinia Hill, latest results confirm the presence of several mineralised lodes with ‘significant’ down-dip extent, having now defined a total strike length of 500 metres.
The Helens South aircore results have confirmed the presence of mineralisation beneath soil anomalies in areas without significant historical workings and limited historical exploration.
New 12-month high
Shares have increased as much as 25% to a new 12-month high of 10 cents and since the close on April 30 have climbed from 5.2 cents.
Other results at Cardinia Hill are 4 metres at 0.86 g/t from 14 metres and 1-metre at 1.07 g/t from 48 metres while other Helens South results are:
- 8 metres at 1.80 g/t from 4 metres;
- 4 metres at 1.13 g/t from 28 metres; and
- 4 metres at 1.09 g/t from 12 metres.
Shaping as "significant discovery"
Munckton said: “Cardinia Hill is shaping up as a significant new discovery with grades achieved so far that are significantly higher than those reported previously across the broader Cardinia Gold Project.
“While [some of the] assay results are not spectacular, they have confirmed the geological continuity of the mineralisation over at least 500 metres of strike length.
“Logging of follow-up RC drill holes 34 to 41 all showed strong alteration and sulphide mineralisation and we are looking forward to receiving these assay results.
“We have little doubt that Cardinia Hill will become a key area of exploration focus for us over the coming months.”
At the southern end of the Cardinia Hill prospect, a further seven RC holes have been drilled to provide infill and mineralisation extension data and assays are expected by early June.
Approach “yielding good results”
At the Helens prospects, which are adjacent to Cardinia Hill, aircore drilling continues to demonstrate the widespread distribution of shallow gold mineralisation.
Munckton continued: “So far in phase-2, several new zones of mineralisation have been discovered at Helens South and Helens East to complement the phase-1 discoveries.
“At Helens South and Helens East, aircore drilling has defined several new zones of mineralisation down to approximately 30 metres (the depth of penetration of the drill) which are coincident with gold-in-soil anomalies generated from the recently completed auger drilling program.
“This gives us confidence that the systematic approach we have adopted towards exploration at Cardinia is yielding good results and has put us on a clear pathway to make further significant discoveries."
Hole 31 confirmed the continuity of mineralisation between drilling in the southern end of the prospect and hole HE20AC221, which produced an intercept of 33 metres at 1.08 g/t from surface, generated during the Helens East aircore program.
This is interpreted to be the northern continuation of the Cardinia Hill mineralisation.
Two additional RC holes were drilled to follow-up on this intersection, both of which intersected altered felsic volcanic rocks containing significant sulphide mineralisation in geological logging.
Helens East and Helens South
Assay results for the final four holes from the Helens East aircore program, including intersections of 3 metres at 0.59 g/t from 32 metres and 4 metres at 0.54 g/t from 16 metres, suggest the presence of an anomalous halo surrounding gold mineralisation intersected in HE20AC221.
Results were also received for the Helens South aircore program which consisted of 3,834 metres of drilling, following up on gold-in-soil anomalies identified in the recent auger drilling program.
The best intersections are associated with quartz veining within felsic volcanic units.
A full interpretation is underway alongside planning of follow-up programs.
Kin expects to receive results over the coming weeks from RC drilling at Comedy King and Lewis East and aircore drilling at Comedy King and Faye Marie.